China's industrial output grew 3.9% in June from a year earlier, quickening from a 0.7% rise in May, official data showed on Friday, as activity began to recover from months of crippling COVID lockdowns.

The number of Americans filing new claims for unemployment benefits increased to an eight-month high last week, suggesting some cooling in the labor market amid rising interest rates and tighter financial conditions.

U.S. producer prices increased more than expected in June amid rising costs for energy products, but underlying producer inflation appeared to have peaked.

China's fiscal revenue growth accelerated in January-June from the first five months, the finance ministry said on Thursday, as the economy showed signs of a slow recovery in June after earlier lockdown-induced disruptions.

Nomura analyst Aichi Amemiya said in a note to investors Wednesday that they now expect a 100 basis point hike in July, with June CPI data cementing the need for an even more aggressive Fed.

Growing signs of a slowdown in economic activity stoked worries about a recession on the horizon as "substantial" inflation continues to put the squeeze on U.S. consumers, according to the Fed’s Beige Book released Wednesday.